How to Apply for Akhwat Loan 2024
Wam Akhwat is a financial program in Pakistan that aims to provide interest free loans to deserving and poor people to grow in business or life.
This loan offers loans that will meet the needs of many people. Many people have succeeded in having their own siblings.
In addition, you can take a basic welfare loan for education, business, health, housing and establishment. The Brotherhood is founded on the principles of unity and equality. WAM Akhwat has become a catalyst for social and economic change in Pakistan and plays an important role in society.
Foundation of Kard al-Hasna Akhut
Akhwat Loan is a small financial banking organization established in Pakistan. The goal is to provide interest-free financial assistance to closed and deserving people in cooperation with banks. This organization was founded in 2001 with a mission to eradicate poverty in Pakistan and improve the lives of the most marginalized communities.
To all Pakistanis, the government of Pakistan has provided a free loan that gives it easy business conditions for the people of the country.
The main target of the loan is Akhut, a low-income community that is deprived of access to formal financial services. is to be able to cover your educational expenses or financial needs. To apply for an Akhwat loan, you need to meet certain eligibility criteria to get the loan. If you meet these criteria, you will be offered an interest-free loan.
You can also read: Benazir Import Support Program
Akhewat Loan Eligibility Criteria
To apply for a loan, you’ll need to meet the eligibility criteria, which could be a source of income, a character certificate or an assessment of the guarantors’ abilities.
To apply, you need to follow some steps below.
ID of the applicant
The applicant must be two and a half kilometers away from the territory required by the Akhut microfinance bank.
Must be between 18 and 62 years of age.
You must be able to provide two children and a bank check that does not belong to your relatives.
The tenant must have good social and moral character in the community
The applicant must not be involved in any criminal act or case
Police clearance required
You Can Also Read: Akhuwat and HBL Loan Scheme
Documents in support of the Akhuwat loan
Below are the documents that must be submitted to apply for a loan.
copy of the CNIC
The applicant
guarantee
Members of the family
Household bills such as gas or electricity
Applicant’s marriage certificate.
Type of Akhuwat Loan
The Akhuwat loan is disbursed in two ways; it includes two types of people.
Group of descendants
Individual descendants
Group of descendants
One of them is group descent, where a group is formed of three to six people who live nearby, but not all relatives. Group members guarantee each other’s loans and credentials.
Individual descendants
Individual Lending is available to people who meet the eligibility criteria and take out loans to meet their needs. To obtain a personal loan, the applicant must furnish two guarantees guaranteeing to repay the loan on time.
Akhuwat Loan Application Process
To apply for an Akhuwat loan, you need to follow these steps
Learn about the loan and its services, as well as the different loan programs that interest you.
Documentation to present in the loan process and all additional documentation related to the type of loan.
Find your nearest Akhuwat Loan Microfinance Bank and make an appointment.
Obtain and complete the loan application form provided by the loan officer.
Submit your loan application to Akhot along with all necessary supporting documents.
Review your loan application before submitting it.
A loan officer will review your application and verify your eligibility based on the required documents and information.
If you are eligible for the loan, you will receive the money in your account within days or you will receive it through the program.
What is the term of the loan?
The scheme was named Ikhwat Islamic Microfinance to provide financial assistance to poor and deserving families with up to 500,000 Shariah-compliant products. This program aims to provide economic and social support to the poor. Its payback period ranges from 13 to 60 months.
Loan Disbursement Akhuwat Loan Scheme Details
You can see the types of loans offered by Akhot General Foundation; you can also view all the details, income, amount, loan tenure and the application company Akhuwat Foundation has disbursed over 100 billion rupees to four million families. The loans were paid off.
If you want to take out a loan, you can easily get it from the fund itself. The procedure for obtaining the loan was explained easily. You can go to the nearest government fund office. And you can get the loan you want
